Počet záznamů: 1
Access to capital and capital structure of the firm
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SYSNO ASEP 0346953 Druh ASEP J - Článek v odborném periodiku Zařazení RIV J - Článek v odborném periodiku Poddruh J Ostatní články Název Access to capital and capital structure of the firm Tvůrce(i) Shamshur, Anastasiya (NHU-C) RID Zdroj.dok. CERGE-EI Working Paper Series - ISSN 1211-3298
-, č. 429 (2010), s. 1-36Poč.str. 36 s. Forma vydání www - www Jazyk dok. eng - angličtina Země vyd. CZ - Česká republika Klíč. slova capital structure ; financing decisions ; credit constraints ; Eastern Europe Vědní obor RIV AH - Ekonomie CEP GA402/09/1595 GA ČR - Grantová agentura ČR LC542 GA MŠMT - Ministerstvo školství, mládeže a tělovýchovy CEZ MSM0021620846 - NHU-C Anotace The paper examines the importance of financial constraints for firm capital structure decisions in transitions economies during 1996-2006 using endogenous switching regression with unknown sample separation approach. The evidence suggests that differences in fi- nancing constraints have a signiffcant effect on a firm's capital structure. Constrained and unconstrained firms differ in capital structure determinants. Specifically, tangibility appears to be an extremely important leverage determinant for constrained firms, while macroeconomic factors (GDP and expected inflation) affect the leverage level of unconstrained firms, suggesting that those firms adjust their capital structure in response to changes in macroeconomic conditions. Moreover, financially unconstrained firms adjust their capital structures faster to the target level, which is consistent with the previous literature. Pracoviště Národohospodářský ústav - CERGE Kontakt Tomáš Pavela, pavela@cerge-ei.cz, Tel.: 224 005 122 Rok sběru 2011
Počet záznamů: 1